The number of farm sales has fallen slightly in the past year, statistics show.
Real Estate Institute of New Zealand rural spokesperson Brian Peacocke said 1798 farms were sold in the year ending April - 2.8 percent down on the same time the previous year.
Fonterra's forecast milk price payout is $4.50 per kilo of milksolids - far below its season-opening payout of $7/kg of milkslids and its record payout last season of $8.50, including the dividend.
"In spite of where the payout is there still seems to be an underlying longer-term confidence within the industry that things will improve," Mr Peacocke said.
"To date there's been no sign of the good dairy farms coming back in price...but that applies to the good quality dairy farms, the good locations.
"We are seeing an easing of interest, or alternatively an easing in pricing, in some of the less desirable locations."
Sales were easing off, with autumn well under way, but that was to be expected, Mr Peacocke said.